GasBuddy News Article

Crude oil for March delivery were little changed, gaining 2 cents to trade at $96.68 a barrel, ahead of the contract’s expiration at the end of the global day.

The moves follow March crude’s 80-cent advance in Tuesday’s floor session on the New York Mercantile Exchange. Those gains came in the wake of upbeat German data, and as the S&P 500 rallied to a new five-year high. Read: Oil futures end higher, back above $96 a barrel.

But analysts at Citi Futures said that the market could be ignoring bearish supply fundamentals.

“Focus on the S&P rally and the intermediate-term rally in crude-oil prices, for example, and one might miss that U.S. crude-oil production has ...

Speculators on exploration, speculators on drilling, speculators on crude supplies, speculators on pipelines, speculators on storage of crude, speculators on the refined product... And we wonder why the price is so high..??